证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 医疗服务行业周报 人工智能助力 CRO 服务药物设计 --医疗服务行业周报 2.10-2.16 相关研究： 核心要点： 上周医药生物上涨 2.71%，位列申万一级行业第 5 位 上周医药生物报收 7368.10 点，上涨 2.71%，涨幅排名位列申万 31 个一级 行业第 5 位。沪深 300 指数上涨 1.19%，医药跑赢沪深 300 指数 1.53%。 沪深 300 指数上涨 1.19%，医药跑输沪深 300 指数 1.53%。申万医药生物 二级子行业医疗服务 II 报收 5380.99 点，上涨 6.51%；中药 II 报收 6446.65 点，上涨 0.80%；化学制药 II 报收 10078.98 点，上涨 0.71%；生物制品Ⅱ 报收 5993.86 点，上涨 1.61%；医药商业Ⅱ报收 5147.41 点，上涨 4.18%； 医疗器械Ⅱ报收 6428.22 点，上涨 4.81%。细分板块来看，医疗服务受益 于 AI+诊疗影响涨幅居前。 从医疗服务板块公司的表现来看，表现居前的公司有：迪安诊断（+46.3%）、 美年健康（+ ...

——药品行业周报（2.10-2.16） 相关研究： 证券研究报告 2025 年 2 月 17 日 湘财证券研究所 行业研究 药品行业周报 AI 赋能医药创新加速，关注板块重估投资机会 1.《政策持续支持创新药，首版丙类 医保目录年内推出》 2025.1.22 2.《创新药械支持政策持续推出，看 好创新主线》 2025.1.7 行业评级：增持（维持） 近十二个月行业表现 -20% -10% 0% 10% 20% 30% 医药生物 沪深300 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 2.9 | -2.4 | -16.2 | | 绝对收益 | 6.5 | -3.2 | 0.9 | ❑ 投资建议 近期，DeepSeek 带动国内科技板块重估，AI 医疗投资热度持续提升。当 前优质创新药公司逐步进入盈利周期，随着业绩持续释放、支持政策推动 和 AI 赋能，板块有望迎来业绩与估值双重修复投资机会。从中期维度来 看，行业需求端确定性优势显著，供给端产业及市场竞争格局持续改善， 整体供需格局不断优化，看好估值相对底部区域板块配置价值。追踪产 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 银行业周报 注重盘存量与提效率，银行经营持续稳健 | 1.《增量政策推进，关注银行配置 | | | --- | --- | | 价值》 | 2024.11.10 | | 2.《自律机制规范存款定价，缓解 | | | 银行息差压力》 | 2024.12.03 | | 3.《2025年度策略：积极政策下的 | | | 股息选择》 | 2024.12.19 | | 4.《宽信用力度有望加强，银行股 | | | 高股息优势延续》 | 2025.01.07 | | 5.《信贷"开门红"，对公贷款如 | | | 期回暖》 | 2025.02.18 | 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.37 12.30 9.74 绝对收益 4.44 8.12 26.80 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 相关研究： 核心要点： 市场回顾：银行指数上涨 2.09%，大型银行和股份行市场表现领先 本期（202 ...

证券研究报告 2025 年 2 月 17 日 湘财证券研究所 行业研究 原料药行业月报 肝素行业复苏提振财报表现 相关研究： | 1.《12月主要原料药价格维持平 | | --- | | 稳》 2025.1.23 | | 2.《双烯及皂素价格维持上涨态 | | 势》 2024.12.16 | 行业评级：增持 （维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.5 -5.1 2.3 绝对收益 5.2 -5.9 19.4 -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 原料药 沪深300 注：相对收益与沪深 300 相比 分析师：张德燕 证书编号：S0500521120003 Tel：(8621) 50295326 Email：zhangdy@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 上月主要原料药价格走势 上月主要原料药价格维持平稳走势，肝素原料药价格环比小幅上涨， 维生素部分品种、激素部分品种、咖啡因等产品价格环比呈现下降， 抗生 ...

相关研究： 证券研究报告 2025 年 02 月 17 日 湘财证券研究所 | 1.《冬储意愿偏弱，钢价震荡下 | | | --- | --- | | 行》 | 2024.12.24 | | 2.《去库持续，关注冬储进程》 | | | 2024.12.30 | | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1 1 -11 绝对收益 4 1 6 -0.3 -0.2 -0.1 0 0.1 0.2 0.3 钢铁(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：王逸奇 行业研究 钢铁行业周报 供需双增，需求逐步恢复 证书编号：S0500524080002 Tel：(8621) 50293519 Email：wyq06893@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场回顾：钢铁板块上涨 0.72%，估值上升 上周（2.10-2.16）钢铁板块（801950.SI）上涨 0.72%，同期沪深 300 上涨 1.19%，行业跑输基准指数（沪深 300）0.47 个百分点。钢铁行业板块 PE 估 ...

2.《20250210湘财证券-机械行业： 24年12月全球半导体销售570亿美 元，同比增长17%》 证券研究报告 2025 年 02 月 17 日 湘财证券研究所 行业研究 机械行业周报 1 月我国挖机销量约 1.25 万台，保持增长趋势 ——机械行业周报（02.10~02.16） 相关研究： 1.《20250205湘财证券-机械行业：1 月我国PMI为49.1%，同比下降0.1个 百分点》 据中国工程机械工业协会数据，2025年1月，我国共销售挖掘机12512 台，同比增长 1.1%。其中国内销量 5405 台，同比下降 0.3%；出口量 7107 台，同比增长 2.2%。2025 年 1 月，我国共销售各类装载机 7920 台，同比 增长 1.5%。其中国内销量 3706 台，同比下降 1.0%；出口量 4214 台，同 比增长 3.8%。电动化方面，2025 年 1 月销售电动装载机 1086 台，同比增 长 193.5%，渗透率为 13.7%。 开工率方面。据小松官网数据，2025 年 1 月中国地区挖机开工小时 数为 66.2 小时，同比下降 17.3%，主要系春节假期影响。而海外方面，全 球主 ...

Investment Rating - The investment rating for Suzhou Bank is "Buy" (maintained) [6][10]. Core Views - Suzhou Bank's revenue growth exceeded expectations, with a projected increase in non-interest income contribution [4][10]. - The bank's total assets grew by 15.3% in 2024, while loan growth was 13.6%, indicating a slowdown in growth but still in line with industry trends [6]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 483.46% [8]. Financial Performance Summary - For 2024, Suzhou Bank's operating income is expected to reach 12,223 million yuan, reflecting a year-on-year growth of 3.0% [14]. - The net profit attributable to shareholders is projected to be 5,071 million yuan, with a growth rate of 10.2% [14]. - Earnings per share (EPS) for 2024 is estimated at 1.27 yuan, with a price-to-book (PB) ratio of 0.53 [10][14]. Asset Quality and Risk Management - The bank's non-performing loan ratio for 2024 is 0.83%, showing a slight improvement, while the provision coverage ratio has increased by 10 percentage points [8]. - The bank maintains a stable risk compensation ability with a loan-to-deposit ratio around 4% [8]. Future Outlook - The bank is expected to maintain steady credit growth supported by regional advantages and favorable policies, with projected net profit growth rates of 10.2%, 8.2%, and 8.7% for 2024, 2025, and 2026 respectively [10][14].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a significant turnaround in its financial performance for 2024, with a projected net profit of approximately 70 million to 100 million yuan, compared to a loss of 848 million yuan in 2023. The non-GAAP net profit is expected to be around 47 million to 70 million yuan, compared to a loss of 752 million yuan in the previous year [3][4] - The improvement in performance is attributed to several factors, including a strong recovery in the second-hand housing market, strict cost control, asset sales, the end of negative impacts from employee stock ownership plans, and a reduction in non-operating losses [4][5] Financial Performance Summary - The company forecasts a revenue of 12,769 million yuan for 2024, representing a year-on-year growth of 5.6%. The net profit is expected to be 95 million yuan, a significant recovery from the previous year's loss [9][12] - The projected earnings per share (EPS) for 2024 is between 0.0297 and 0.0425 yuan, compared to -0.3601 yuan in 2023. The price-to-earnings (P/E) ratio for 2024 is estimated at 77 times [3][9] - The company aims to maintain a focus on core cities to enhance operational efficiency, with a target of managing 303,000 rental properties by the end of 2024, reflecting an 11.8% year-on-year increase [5][6] Business Strategy and Market Position - The company is concentrating on core cities, closing underperforming stores in non-core areas, and enhancing market share in key cities like Beijing and Hangzhou. The second-hand housing market's recovery is expected to boost brokerage revenue [5][6] - A strategic partnership with JD Logistics is anticipated to create new revenue streams through community services and supply chain collaborations [5][6]

Investment Rating - The industry rating is "Overweight" [2] Core Views - The vaccine industry experienced a 3.89% increase last week, amidst a general rise in the pharmaceutical sector [1] - The industry is currently in a bottoming phase, with a high proportion of Me-too products leading to intense competition and performance pressure [29] - Long-term growth is expected due to stable driving factors such as policy support, increasing demand, and technological innovation [29] Market Performance - The vaccine sector reported a closing index of 12,266.16 points, with a 3.89% increase last week, but a cumulative decline of 40.40% since the beginning of 2024 [4][18] - The overall pharmaceutical sector index rose by 3.21% last week, with various sub-sectors showing different performance levels [4][18] Valuation - The vaccine sector's PE (ttm) is 33.85X, up by 1.26X week-on-week, with a one-year maximum of 41.43X and a minimum of 19.57X [6] - The PB (lf) for the vaccine sector is 1.87X, reflecting a 0.06X increase week-on-week, with a one-year maximum of 2.91X and a minimum of 1.62X [6] - The vaccine sector has a valuation premium of 169.71% compared to the CSI 300 index [6] Industry Dynamics and Company Announcements - Companies like CanSino and Kangtai Biologics have received approvals for new vaccine products, indicating ongoing innovation in the sector [7][28] - The introduction of new regulatory guidelines aims to streamline the approval process for biological products, which may enhance the industry's operational efficiency [28] Investment Recommendations - Short-term focus should be on annual report performances, while long-term attention should be directed towards innovative vaccines and international market expansion [29] - Companies with strong technological advantages and a rich pipeline of products are recommended for investment consideration [11][30]

Investment Rating - The report maintains an "Overweight" rating for the robotics industry [1]. Core Insights - The robotics sector experienced an 11.2% increase last week, outperforming the machinery equipment sector by 5.8 percentage points and the CSI 300 index by 9.2 percentage points. Year-to-date, the robotics sector has risen by 42.8%, surpassing the machinery equipment sector by 30.9 percentage points. As of February 7, the robotics sector's PE (TTM) stands at 162.07 times, placing it in the 99.4th percentile since 2012, while the PB (LF) is approximately 6.25 times, in the 86.8th percentile since 2012 [3][8]. Summary by Sections Market Review - The robotics industry saw an 11.2% increase from February 3 to February 7, outperforming the machinery equipment sector by 5.8 percentage points and the CSI 300 index by 9.2 percentage points. The sector has increased by 42.8% year-to-date, outperforming the machinery equipment sector by 30.9 percentage points. The current PE (TTM) is 162.07 times, in the 99.4th percentile since 2012, and the PB (LF) is about 6.25 times, in the 86.8th percentile since 2012 [3][8]. Investment Recommendations - The acceleration of Tesla's Optimus humanoid robot project is expected to have a profound impact on the development of the supply chain, technological innovation, and market competition. Tesla plans to produce 10,000 Optimus robots in 2025, gradually increasing production capacity to 1,000 units per month, reaching 10,000 units per month by 2026, and further increasing to 100,000 units per month by 2027. This plan will accelerate the maturity of the humanoid robot supply chain and drive the development of related component suppliers. The project is likely to attract more companies into the humanoid robot field, prompting increased R&D investment and accelerating technological innovation and product iteration. This presents new investment opportunities, particularly in high-barrier, high-certainty, and high-elasticity value segments such as planetary roller screws, reducers, thermal management, and structural components. Therefore, the report maintains an "Overweight" rating for the robotics industry [4][5][29].